North Carolina Down Payment Assistance Programs

Online Merchant account - These programs would be the Mortgage Credit Certificate and also the Down Payment Assistance System.

Also you purchase a property between December 1, 2009 and January 1, 2009 and if you meet the requirements for one of these programs, you may also qualify for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? There is a first-time Home Buyer someone who has not owned a house in the previous three years. Here is exactly the same qualifying definition.

What is a Mortgage Credit Certificate and Who Qualifies?

All home owners can claim an itemized deduction.

In case you are eligible for the MCC, you'll be able to claim 20% of the interest you pay on your own mortgage as a credit on your own federal income taxes. It's possible for you to save as much as .

If you do qualify for 2009, for the MCC, you will be able to combine this. This might reduce a purchaser's tax liability by $10,000.

Who Qualifies for an MCC?

Household income means the “gross income of the mortgagor and any other person expected to reside in the home who's 18 years old or older.”

The income and house price limits that apply in Durham, Orange and Chatham Counties are given below.

MCC Income Limits 1 Person $61,500 2 Men $61,500 3 Individuals $70,500 4 Persons $70,500

MCC Sales Cost Limitations New Dwelling $220,000 Existing House $210,000

Who Qualifies for Down Payment Help?

The purchaser just has to pay and the load would pay as much as .

This program has stricter income limits than the MCC program outlined above. Like the MCC program, it may be used together with the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment help, nevertheless, cannot be used in conjunction together with the MCC. This really is an either or situation.

House price limitations Durham and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limitations

1 Man $39,950 2 Men $45,650 3 Persons $51,350 4 Persons $57,050

Down Payment Assistance Sales Price Limits New Dwelling $210,000 Existing Dwelling $210,000